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The last few months have been entirely about Decentralized Finance (DeFi). It’s no secret that Uniswap’s decentralized swap protocol and automated market maker surged in popularity. To some extent, one of the tokens that helped the most was Yearn Finance’s YFI.
What was initially intended as a valueless governance token quickly surged to an all-time high of around $44,000, grabbing the entire community’s attention and strengthening the DeFi narrative. This has given confidence to investors and the overall public.
Smartway Finance and Their TRC20-Based DeFi Token
While most of the developments in DeFi take place on Ethereum, TRON’s blockchain has also emerged as a viable alternative through their TRC20 token standard.
A similar concept to Yearn Finance’s YFI can be seen in SmartWay.Finance’s SMART token. It has adopted the YFI governance concept, but it’s built through TRON’s TRC20 protocol. Therein, it’s also self-governing with the Recycle Concept that can be achieved through a Loop Mining System.
The loop mining system uses balance as a core concept. It can run in a stable way and is durable. Moreover, the SMART and RICH tokens are touted as suitable for investors with a firm view on decentralized finance.
SMART has a total fixed supply of 25,000 tokens, while RICH has a maximum supply of 500,000 tokens. The support for the Loop Mining System and the limited supply could, in theory, turn the tokens into desired ones, provided that the DeFi space continues to flourish.
How to Mine SMART Tokens?
To mine SMART tokens, users need to have RICH tokens and stake them through the SmartWay.Finance website. RICH tokens are intended to power the cloud mining system for a period of one to twelve months. The total reward prepared by the developer’s smart contract is set to 10,000 SMART with a mining period of 24 months.
Apart from buying RICH tokens, users can also farm them by staking SMART tokens into a smart contract prepared by the developers and available on the website. The number of RICH tokens a user receives as a reward is 10 times greater than the amount of staking they’ve done. 10 RICH reward tokens are issued every second for up to 1 year of time.
It’s also worth noting that the developers are also supposedly working on lending, borrowing, and collateral asset platforms for the SMART and RICH tokens that will be available soon.